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Car Loan EMI Calculator

 

 

The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.

Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

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The ICICI Bank Car Loan EMI Calculator is a useful tool that assists you in calculating the monthly EMI payments you must make to the bank throughout the Car Loan tenure.
This tool is a formula box with three sliders for the Car Loan Amount, Interest Rate and Loan Term. After entering your information, the Car Loan EMI Calculator will provide the Car Loan EMI due each month and the Total Car Loan Interest payable.

This also implies that the Car Loan EMI Calculator value will vary if any of the three factors are altered. Let's examine these three factors in depth.

  • Car Loan Amount: The initial loan amount that the bank will lend you
  • Car Loan Interest Rate: The rate of interest per annum determined by the bank
  • Car Loan Term: The number of months allotted for the loan's payback. Due to the monthly payment requirement, the term is measured in months.

EMI is calculated as follows:
EMI = P x R x (1+R)^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments.

The Car Loan EMI calculator is based on a Fixed Rate of Interest.

The advantage of a Car Loan EMI Calculator is that you can calculate the exact EMIs to be repaid to ICICI Bank by entering the loan amount, number of months and interest rate. The Car Loan EMI Calculator removes the need for complex manual calculations.

Yes, one may increase the tenure up to 7 years i.e. 84 months while using the Car Loan EMI Calculator. You can do this by dragging the EMI Calculator slider by 12 months each time ranging from 12 months to 84 months.

Unfortunately, one cannot change their Car Loan EMI.

Yes, the Car Loan EMI Calculator can be used while purchasing new cars, second-hand (pre-owned) cars.